| Yes, America's Independence Day is characterized by red, white and blue star-spangled fanfare. But for many families, the patriotic paraphernalia alone doesn't make a proper July 4 celebration. It's hot dogs and burgers sizzling over open flames, vats of creamy white potato salad and sweet, yet savory barbecue beans — a cookout à la Americana. (And fireworks to close the night, of course.) While inflation is showing signs of cooling just in time for grilling season, Americans will find that their Fourth of July cookouts still cost more than ever. Before we dive into that… Three things to know… … now back to hot grocery prices. A recent American Farm Bureau Federation survey determined the average cost of July 4 barbecue staples including cheeseburgers, chicken breasts, pork chops, potato chips, pork and beans, fresh strawberries, homemade potato salad, fresh-squeezed lemonade, chocolate chip cookies and ice cream. On average, a feast for 10 will cost Americans a record $71.22, up 5% from last year and 30% from five years ago. Those living on the West coast will find the highest average barbecue bill at $80.88. What gives? First, cooling inflation doesn't mean food prices are decreasing. They're simply growing at a slower pace, said Bernt Nelson, an economist at AFBF. That can translate to "shrinkflation," whereby Americans may find themselves paying the same or more or less product. Think: opening a bag of chips to find more air than potato. But also food shortages, stemming from climate change, geopolitical strife and supply chain bottlenecks, are keeping certain produce prices elevated and volatile, said Nelson. Take lemons as an example. A 2023 citrus greening disease outbreak in California is estimated to reduce lemon production by a whopping 16%. Now, the lower supply means lemon prices are up 13% compared to last year, according to AFBF. Those who want juicy, charred burgers to be the main dish on July 4 should expect to pay up too. A package of hamburger buns will cost $2.41, 7% more than 2023. Russia's invasion of Ukraine, the bread basket of Europe, has contributed to an eight-year low on ending stocks of wheat. But that's not the only key ingredient in short supply. The overall cattle inventory is the smallest it has been in 73 years. Two pounds of beef will cost will cost an average of $12.77, up 11% from 2023. For New Yorkers who want to cook like celebrity chef Alison Roman, the same amount of ground mixed beef will cost a whopping $20 from her go-to Brooklyn butcher Paisanos. But a plant-based meat menu may cost even more. – Paulina Cachero Send questions about your own financial decisions to bbgwealth@bloomberg.net This week we're looking to speak with older folks who have taken on a roommate. Some of our best journalism at Bloomberg Wealth comes from your own stories and we'd love to hear from you, your friends or clients. Please email bbgwealth@bloomberg.net to share. How can I save on grocery costs for holiday feasts? Bernt Nelson, Economist at American Farm Bureau Federation, writes: Food is what brings us to the table and a point of gathering. Thankfully, food sales increase the closer we get to the holiday. If you're flexible about what those centerpiece dishes are, there's a lot that a consumer can do to be budget friendly. Pay attention to the sales items and the promotions at different grocery stores. You can balance your budget a bit. For example, ground beef was up 11% while chicken was up just 4%
 Photographer: Emma Roulette - ' Upflation' is the latest retail trend driving up prices for US consumers.
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